Petrol Price Hike in Delhi (2002-2012)

India Petroleum Industry Latest News And Updates

Petrol cut by 31 paise a litre, diesel by 71 paise

July 01, 2015 10:49 AM

With a slight softening of international prices, Indian Oil Corp on Tuesday reduced the rates of transport fuels, cutting petrol by 31 paise a litre and of diesel by 71 paise in Delhi, effective from midnight, with corresponding decrease in other states. The prices were last revised on June 15, when petrol was hiked by 64 paise a litre and diesel cut by Rs.1.35. "Since last price change, there has been a decrease in international prices of both petrol and diesel. INR-USD exchange rate has appreciated during this period," the oil marketer said in a release in New Delhi.
The price of petrol per litre from Wednesday will be Rs.66.62 in Delhi, Rs.74.09 in Kolkata, Rs.74.52 in Mumbai and Rs.69.84 in Chennai.
Source: IANS

Petrol hiked by 64 paise/litre, diesel cut by Rs.1.35 in Delhi

June 16, 2015 10:48 AM

Citing a fall in international diesel rates, state-run Indian Oil (IoC) on Monday cut the fuel price by Rs.1.35 per litre, while increasing that of petrol by 64 paise a litre effective midnight. Both rates include state levies in Delhi, the IOC said in New Delhi. "Prices of petrol and diesel were last revised w.e.f. May 16, 2015. Since last price change, there has been an increase in international prices of petrol, while international prices of diesel have shown a downward trend," the oil marketer said in a statement. The price of petrol per litre from Tuesday will be Rs.66.93 in Delhi, Rs.74.42 in Kolkata, Rs.74.78 in Mumbai and Rs.70.12 in Chennai. Diesel will cost Rs.50.93 a litre in Delhi, Rs.55.45 in Kolkata, Rs.58.37 in Mumbai and Rs.54.29 in Chennai.
Source: IANS

The petrol price hike has been in the spotlight in India for sometime now, due to the fact that it is forever rising. The rise in the price of petrol is a concern because it triggers off a lot of other price rises. As a result of this untamed price rise in petrol the price of food and other essential commodities goes up and has a direct effect on the Indian economy.

The Commerce Ministry says that food inflation was over 12%, the highest in the past 9 months. This was essentially due to the rising prices of meat, milk and vegetables, which in the first place was caused due to an inflation of petrol. State owned oil companies have also increased gasoline prices by about 2.5%, the 4th increase in the year. Clearly this is a vicious cycle that needs to be curbed.

The graph displayed here follows the rise in the price of petrol in India over the years from 2002 to Till Now. One look at the graph is enough to make it rather evident that the price of petrol has only risen over time with only a slight dip somewhere in January 2009. The price of petrol in 2002 was around Rs.30 a liter, which was considered steep even then and today the price of petrol stands at an exorbitant Rs. 68 per liter, boring a hole in the pocket of the consumer.